Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. Its Optical Communications segment provides optical fibers and cables; and hardware and equipment products, including cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories. This segment also offers its products to businesses, governments, and individuals. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics, crystals, precision metrology instruments, software; as well as ultra-thin and ultra-flat glass wafers, substrates, tinted sunglasses, and radiation shielding products. This segment serves various industries, including mobile consumer electronics, semiconductor equipment optics and consumables; aerospace and defense optics; radiation shielding products, sunglasses, and telecommunications components. The company's Environmental Technologies segment offers ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. The company's Life Sciences segment offers laboratory products comprising consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware and equipment under the Corning, Falcon, Pyrex, and Axygen brands. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	14,189	12,588	13,118	16,282.7	18,285.7	20,125.3	20,125.3	20,125.3
Revenue % Chg.	0.8%	-11.3%	4.2%
EBIT	1,838	1,187	1,387	3,146.8	3,751	4,373.6	4,373.6	4,373.6
EBIT Margin	13%	9.4%	10.6%
Tax Rate	22.9%	20.6%	27.2%
NOPAT	1,417.6	942.6	1,010	2,571.7	3,033.6	3,537.2	3,537.2	3,537.2
NOPAT Margin	10%	7.5%	7.7%	15.8%	16.6%	17.6%	17.6%	17.6%
D&A	1,452	1,369	1,350	1,375.9	1,449.5	1,665.8	1,665.8	1,665.8
D&A / Revenue	10.2%	10.9%	10.3%
Capex	-1,604	-1,390	-965	-1,305	-1,518.1	-1,861.3	-1,861.3	-1,861.3
Capex / Revenue	-11.3%	-11%	-7.4%
Chg. NWC	1	-148	-344	-205.8	-231.1	-254.3	-254.3	-254.3
Chg. NWC / Revenue	0%	-1.2%	-2.6%
Unlevered FCF (UFCF)	1,266.6	773.6	1,051	2,436.9	2,734	3,087.4	3,087.4	3,087.4
UFCF % Chg.	-33.4%	-38.9%	35.9%	131.9%	12.2%	12.9%	-0%	—
PV of UFCF	—	—	—	2,255	2,341.2	2,446.5	2,263.9	2,094.9
Sum of PV of UFCF	—	—	—	2,255	4,596.2	7,042.6	9,306.5	11,401.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.6%
Total Debt	8,091
Market Cap	73,261.4
Total Capital	81,352.4
Debt Weighting	9.9%
Equity Weighting	90.1%
WACC	8.1%

Exit Multiple EV/FCF
Terminal Value	81,267.4
PV of Terminal Value	51,029
Cumulative PV of UFCF	11,401.5
Net Debt	7,537
Equity Value	54,893.5
Shares Outstanding	857.4
Implied Share Price	64
Current Share Price	85.5
Implied Upside / (Downside)	-25.1%